The journey's on to carve out HK's new chapter

Proactive measures

In his election platform, Lee also vowed to push forward the mega Lantau Tomorrow Vision land reclamation project and the Northern Metropolis plan to build a new city center near the border with the mainland.

“As major developers in Hong Kong still hold 1,000 hectares of agricultural land reserves, the government should proactively incentivize them to participate in the land sharing scheme,” says Chiu.

“The measures to be taken may include using the standard rates in calculating land premium, raising the plot ratio, accelerating infrastructure construction and, most importantly, simplifying the application process so that remote land resources in the New Territories can be effectively released and utilized,” he says.

Wong agrees that the government should be more proactive in promoting an infrastructure-led approach to build up new development areas. “This would offer land owners incentives to consider pushing forward their development plans.”

For the Northern Metropolis project, close liaison with the Shenzhen government and other governments in the Guangdong-Hong Kong-Macao Greater Bay Area would help in planning and developing the identified industries and trade, Lau told China Daily. “The early implementation of infrastructure projects, especially railways, will be critical to creating capacity,” he says.

Lau also says the Lantau Tomorrow Vision land reclamation project can be the most important land bank for Hong Kong in the near to medium term.

Besides boosting land and housing supply, Hong Kong’s chief executive-elect will strive to lift the city’s status as a global financial hub. His nine objectives include building up the global offshore renminbi business, supporting digitalization of the real economy, and promoting green finance in the city. Lee’s manifesto also mentioned plans to forge stronger bonds with the mainland’s financial markets and expand cooperation with the cities in the Guangdong-Hong Kong-Macao Greater Bay Area.

With Hong Kong’s mature stock market and a very strong and professional force for the city’s legal and accounting system, the government should leverage these advantages to take the city’s financial position to a new level, says Eden Wong Yi-dung, president of CPA Australia’s Greater China Division.

In Eden Wong’s views, the chief executive-elect should give priority to developing sustainable finance and family office businesses in his financial strategies. “The government could consider introducing incentives and regulatory reforms to encourage financial institutions to increase their offerings of green and sustainable funding options.”

The SAR could also expand its family offices’ asset management business by strengthening cooperation with other cities in the Greater Bay Area, thereby buttressing Hong Kong’s reputation as a world financial pivot.